Comment by bspn

Almost all of them. They manage their portfolios like most other large fund managers albeit with a slight preference towards lower risk assets to ensure their short/medium term pension obligations are met, but they will almost always have an alternative investment bucket which VC will be a part of. They're also not interested in doing direct investments, so they'll diversify their early stage risk by investing in a couple of the more successful, established VC funds who spread the bets for them.